Ethanol Futures Begin Trading on CBOT

By: Associated Press
By: Associated Press

The CBOT added the product Wednesday to meet growing demand for a hedging instrument for the corn-based gasoline additive.

Illinois Department of Agriculture Director Chuck Hartke was on hand for the contract's debut, and he says the contract will help manage price volatility and make ethanol a more viable commodity.

Gov. Rod Blagojevich also says he's pleased.

The governor says introducing ethanol futures is a crucial step in stabilizing ethanol prices and providing a "growing and reliable domestic market for Illinois farmers."

Nationwide, production of ethanol is expected to reach four billion gallons this year. That's up from 3.4 billion gallons last year and 2.8 billion in 2003.

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